The city regulator will investigate the bank, which reported losses of £3.6bn for 2009, for its takeover of Dutch bank ABN AMRO in 2007 and fund raising in 2008, compliance with money laundering regulation and its handling of customer complaints.
The RBS report, concerning the takeover of ABN AMRO, says: “In April 2009 the FSA notified RBS Group that it was commencing a supervisory review of the acquisition of ABN AMRO in 2007 and the 2008 capital raisings and an investigation into conduct, systems and controls within the Global Banking & Markets division of the Group. RBS Group and its subsidiaries are cooperating fully with this review and investigation.”
The results also state that the FSA informed RBS in November 2009 that it was commencing an investigation “relating to compliance with UK money laundering regulations during the period from December 2007 to December 2008”.
Finally, in January this year, the FSA told RBS that it intended to investigate the way RBS handled complaints. However, it noted that the scope of the investigation is not yet clear.
Meanwhile, RBS also stated that the Office of Fair Trading has been investigating the bank for a breach of conduct relating to the provision of loan products to professional service firms.